There are a few things to consider before launching your enterprise.
You need to apply for a license, financials and structure a management team.

What are your internal controls, non-permissible
activities? There are also operational and anti- money laundering provisions.

Funding
Sources

You need a minimum of N100 million to start the business.
Secure funds from venture capitalists, core investors, and share equity
investors. You could try obtaining bank loans or partnership arrangements.

Write
a Business Plan

Start by writing a Bureau De Change business plan and
carry out a feasibility study. Focus on funding, paid-up share capital,
licensing and operational office. Learn the intricacy of the business and find
an ideal location.

Customer
Demography

Foreign exchange dealers service many sectors of the
economy. They provide money for students, exporters, travelers, tourists and
small business owners. Others include petroleum marketers, importers and
manufacturing companies.

1.To carry out the business of bureau De Change you need
authorization from the central Bank. The application is in two stages API and Final
approved license.

To get an approval in principle you pay a non refundable
application fee of N100, 000 and minimum capitalization of N35, 000,000 million
naira. The said sum is later refunded by the central bank on approval of final
license.

The company needs
to present a Business plan and feasibility report to the regulatory body.

2. Contents
of the Business Plan and feasibility report

The content of your Business plan and feasibility reports
should include your serve, objectives and management structure. Add financial
projections, growth indicators and profitability.

The report should have the composition of the board,
functions and responsibilities. Make provisions for anti-laundry laws of
compliance.

3. You need to add a letter of intent of shares of each
subscriber and a draft memorandum and Article of Association.

4. The business name should be incorporated at the
corporate affairs commission. Once the board has been approved a commercial
bank may grant approval to commence business.

The approval in Principle is only temporary before the final
approval by the regulatory body.

Final
License

Once you have an Approval-in-Principle you should apply
for final approval. This should be done six months after the AIP.

You submit an application to the central bank with a non
refundable sum of N1, 000,000 million Naira. Include CV of top management team,
evidence of incorporation, suitable operational office and evidence of
mandatory caution deposit.

The caution deposit is N35 million Naira and refundable
once you start the operation. The license is granted subject to the fulfillment
of CBNs conditions.

There
are lots of penalties such as license revocation or fine fees. Infractions are
engaging in prohibited activities and under subscription of minimum paid-share
capital.

Others
are failure to obtain CBN approval. Operating without a valid license and late
rendition of regulatory returns are penalized. More are submitting false
information and failure to comply with policies and guidelines.

Marketing

Offer
repeat customers small discounts, enter into strategic partnerships and
advertise. Use visible sign boards, television and radio advertisement. Build a
website and engage in social media posting.